Report: Investing nearly $80K to electrify each CT household would pay off
Converting U.S. households to electric vehicles, heat pumps and solar power would require an upfront investment of $600 billion, amounting to nearly $80,000 per household in Connecticut. However, the investment could more than pay for itself with the right mix of financing rates, government and regulatory incentives and a ramp-up in production capacity.
That’s according to a recent report from Rewiring America, an energy research outfit backed by Washington, D.C.-based conservation nonprofit Wayward Fund.
Making those major conversions would, under current conditions and interest rates, nearly double the average annual energy costs for Connecticut households, from $5,386 per year to $10,447 per year, the report estimates.
But reducing soft costs through regulatory reforms, hard costs through industrial scale-up and technological progress would lower the per household total capital cost by upwards of $60,000 in Connecticut, and could eventually result in annual average savings per household of $1,572 to $3,196, the report says.
“We can fight climate change starting right in our own homes, where decisions about which fuels we use are responsible for [approximately] 42% of our energy-related carbon emissions.
But most households can’t do it by themselves,” the report reads. “This analysis shows how households can swap their fossil fuel-burning machines for electric ones, using technology that exists today, and cut their energy bills in the process.”